(Washington Composite Electric) U.S. President Biden and the Republican leader of the House of Representatives McCarthy still unable to reach an agreement on the issue of the upper limit of federal debt on Tuesday, but McCarthy believes that the two sides can obtain consensus this week.In order to facilitate the continued negotiations, Biden shortened the travel abroad.
Biden and Democratic and Republican Senate Leaders were negotiated for one hour on Tuesday (May 16).After the meeting, McCarthy told reporters that there were still great differences between the two parties on raising the upper limit of debt.But he also said that it is possible to reach an agreement at the latest weekend.It is not difficult to reach an agreement.
Democrats have not been so optimistic about reaching consensus in such a short time, but the White House claims that the meeting is effective.
Biden said that the leaders of the meeting reached an overwhelming consensus, and debt default was not an option.Our economy will fall into decline.He admits that there are still many jobs to do, and all parties are trying to ensure that the United States will not debt for the first time.
Biden then announced that he went to Seventh Kingdom Group (G7) summit will return to China after the summit, and will not visit Papua New Guinea and Australia according to the original plan sequel.Biden said he planned to talk regularly with Congress leaders during the Hiroshima and talked to them again after returning to Washington.
During this period, the White House senior adviser Ricatse and the budget director Sarandot; Yang will continue to negotiate on behalf of the White House, and the Republican representative is Gravis, a member of the Republican Party.
Safe dialogue between the United States and India, Japan and Australia, canceled
After Biden canceled the visits to Australia, Australian Prime Minister Albanis also announced that the original Safe Safety Dialogue (QUAD), which was originally scheduled for Wednesday (24th) in Sydney, will be changed at the G7 summit this weekendExids meeting.
India and Australia are not G7 member states, but they are invited to participate in the Hiroshima Summit.
The crux of the US debt stiffness is that Republicans want to reduce federal budget expenditures, otherwise it will not increase the debt limit of US $ 3.13 trillion (approximately S $ 4.2 trillion).
Biden said after a talk on Tuesday that he was disappointed with Republicans who did not consider increasing income.The key part of the 2024 budget proposed by Biden is to increase taxes to the rich and enterprises to pay other expenditure projects.
Unless Congress vote to increase debt limit, the US government may break the contract as early as June 1.Economists are worried that this will lead to decline in the US economy.
The White House said that Biden was optimistic that if the two parties were negotiated with sincerity and realized that none of them could get everything they wanted, they could reach a responsible bipolar budget agreement.
US senior officials: US debt defaults will weaken the ability to compete with China
As the debt stalemate was unsolved, Biden's three senior assistants warned that cutting budgets will weaken the United States' ability to compete with China in military, diplomacy, and economy.
Secretary of State Broskens, Minister of Defense Austin, and Minister of Commerce Raymond Dorang rarely attended the Senate Democraticity Committee at the same time on Tuesday, and a hearing on the budget request of Biden and the US -China relations highlight Washington's attention to competition with China.
The chairman of the appropriation committee and Democrats silently stated at the hearing that they did not agree with the request of Republicans, that is, cutting expenses in exchange for consent to increase debt limit.He said: Let us make it clear: China did not debate whether to repay debts or destroy the economy.China has not argued whether to invest in the future, or to reduce and restrict investment that maintains competitiveness.
